Friday, September 2, 2016
Western Convenience Store Prepares to Emerge from Chapter 11
Reorganization will lead to growth.
Source: Convenience Store News
CENTENNIAL, Colo. — With its reorganization in place, Western Convenience Stores Inc. is set to emerge from Chapter 11 bankruptcy proceedings.
According to the company, all creditors were paid in full as a result of its reorganization plan.
The move comes approximately nine months after Western Convenience Stores filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the District of Colorado, as CSNews Online previously reported.
Since the filing on Dec. 28, the company has been operating its stores as debtor-in-possession and has been working to obtain exit financing. The implementation of the plan was facilitated by a secured loan facility provided by affiliates of Garrison Investment Group.
NRC Realty & Capital Advisors LLC served as exclusive financial advisor to Western and its affiliates in connection with the financing.
"I am very pleased to announce the completion of the company's plan of reorganization and the payment in full of all creditors. Thanks to the assistance of Garrison Investment Group, Western is now well-positioned to grow and prosper and take advantage of the many opportunities ahead," said Hossein Taraghi, president of Western Convenience Stores.
"In addition, I want to express my appreciation to NRC Realty & Capital Advisors for the invaluable assistance they provided in securing and structuring exit financing for us on terms which will ensure our future success," he added.
Western Convenience Store owns and operates 44 convenience stores in Colorado and western Nebraska.